ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
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NIXON WILLIAMS LIMITED
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C & B Accounting Solutions Ltd
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BROOKSON LIMITED
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ACCOUNTS 2U LIMITED
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LLOYDS ACCOUNTANTS LTD
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TI Accountancy Limtied
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PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Athena Bookkeeping Services
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Sambhav Management Limited
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Harris Rosenberg Chartered Accountants
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GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Frequently asked questions
What are the main types of company liquidation available in Bangor?
In Bangor, the main types are Creditors' Voluntary Liquidation (CVL) for insolvent companies, Members' Voluntary Liquidation (MVL) for solvent companies, and compulsory liquidation which is ordered by a court following a winding-up petition. A licensed insolvency practitioner will recommend the most suitable option based on your company's financial position and objectives.
How much does it cost to liquidate a company in Bangor?
The cost of liquidation in Bangor varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a Creditors' Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex insolvencies. Members' Voluntary Liquidation costs are often lower, starting around £2,500. We provide a fixed-fee quote after an initial free assessment.
Can I still be a director after my company goes into liquidation in Bangor?
Yes, you can continue to be a director of other companies after your Bangor company enters liquidation, unless you are disqualified by the Insolvency Service. However, if you have acted wrongfully or fraudulently, you may face disqualification. Our team helps you understand your duties and minimise any personal risk during the process.
What is the difference between a CVL and an MVL for a Bangor business?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts, and it is initiated by the directors to protect creditors. A Members' Voluntary Liquidation (MVL) is used when a company is solvent and directors wish to close it down, often for retirement or restructuring, allowing for tax-efficient distribution of assets. The choice depends on your company's solvency status.
How long does the liquidation process take in Bangor?
The liquidation process in Bangor typically takes between 6 to 12 months to complete, depending on the complexity of the case. This includes the initial meeting with creditors, asset realisation, and final distribution to creditors or shareholders. For a simple solvent MVL, the process can be completed in as little as 3 to 6 months, while a CVL may take longer due to creditor negotiations and asset sales.
What happens to company employees when a Bangor company is liquidated?
When a company enters liquidation in Bangor, all employees are automatically dismissed from the date of liquidation. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay, which may be claimed from the National Insurance Fund if the company cannot pay. We guide employees through this process and help them submit claims.
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